Singer Bangladesh Limited reported a 60% decline in net profit for H1 2024, attributing it to rising business costs due to the forex crisis and increased interest rates. Net profit fell to Tk23.59 crore from Tk58.31 crore, with earnings per share at Tk2.37. Sales revenue rose 9% to Tk1,185 crore in H1. In Q2, revenue increased by 10% to Tk785 crore, but net profit dropped 47% to Tk25 crore. The profit margin decline was due to increased sales of trade goods, discounts, and promotional activities. Operating profit decreased by 26% due to higher expenses in advertisement, sales promotion, new shop operations, rent, bad debts, and factory maintenance. Operating expenses increased by 16%, and finance costs rose by 84% due to higher interest rates. To address the forex crisis, the company secured a €27.50 million long-term loan from its parent company in March 2024. On Thursday, Singer’s shares closed at Tk127.30, up 4.26%, with a market capitalization of Tk1,269 crore. Singer holds a 12% market share in refrigerators, 11% in televisions, 13% in air conditioners, and 18% in washing machines, competing with larger brands in these categories.
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